HomeMy WebLinkAbout2029 (2) Lease. If the proposed transaction is a
lease, then within thirty (30) days after receipt
~ either approve or disapprove the proposed trans-
action. If approved, the approval shall be stated
in a certificate executed by any officer of the
~Association, in non-recordable fonn. '
(3) Gift, devise or inheritance; othe_r transfers.
If the apartment owner giving notice has acquired
his title by gift, devise or inheritance or in any
other manner. then within thirty (30) days after
receipt of such notice and inforrnation the Association
must either approve or disapprove the continuance of
the apartment ownerts ownership of his apartment.
If approved, the approval shall be stated in a certi-
ficate executed by any officer of the Association in
recordable form.
(c) Approval of corporate owner or purchaser. Inasmuch
as the Condominium may be used only for residential purposes
and a corporation cannot occupy an apartment for such use, if
the apartment owner, purchaser or lessee of an apartment is
a corporation, the approval of ownership or lease by the
corporation may be conditioned by requiring that all persons
occupying the apartment be approved by the Association.
(d) Screening Fees. The Association shall require
the deposit of a reasonable screening fee simultaneously
with the giving of notice of intention to sell or lease,
or of transfer by gift, devise or inheritance, _for the
purpose of defraying the Association's expenses and pro-
viding for the time involved in determini.ng whether to
approve or disapprove the transaction or continued ownership
by a transferee, said screeriing fee to be a sum equal to one
(1;7 percent of the sales price of a condominium apartment
unit being sold, or two (2~ percent of the annual rental
' in the event of a lease of a condominium unit, provided,
~ ~ that the minimum screening fee shall not be less tlian One
Hundred Dollars ($10a.00) , and the maxirmun fee shall not
; exceed One Hundred Fifty Dollars ($150.00) in connection
; with the rental of a condominium unit, and said fee shall be
~ in the sum of One Hundred Dollars ($100.00) in the event of
; transfer by gift, devise, or inheritance. The Association
: has contracted to pay over the said screening fee to the
P Contractor under the t~rms and provisions of a management
~ contract whereby the said Contractor shall process applica-
5 tions for the sale, transfer or le~se of condominium apart-
ment units, screen the proposed purchaser, transferee or
~ lessee, and prepare the instruments called for by the
~ Declaration of Condominium to be supplied by the Association
~ in the event of approval of such application, provided,
~ howeve-r, the provisions of this paragraph shall not apply
~ to, and there shall be no screening fee payable in connec-
; tion with, the lease or sale of a condominium apartment
~ unit by the Developer, nor with the lease or sale of a _
~ condominium apartment by an institutional lender which has
; acquired such apartment by foreclosure or by transfer in
- lieu of foreclosure proceedi.ngs, or a sale or lease of an
= apartment by the condominium Association.
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(e) Failure to give notice. If notice to the Associa-
tion as hereinabove required is not given, then at any time _
' after receiving lmowledge of a transaction or event trans-
ferring ownership of an apartment, the Association, at its
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